India’s refiners, Indian Oil Corp [IOCL:IN], Larsen＆Toubro [LT:IN] and renewable energy company ReNew Power will form a joint venture (JV) to launch green hydrogen projects, according to Reuters on April 4. The JV will start with projects at Indian Oil Corp’s Mathura and Panipat refineries in northern India, with the possibility of expanding to other green hydrogen projects across India. The JV aligns with the government’s goal of reducing local carbon dioxide emissions and achieving carbon neutrality by 2070.
India launched the National Hydrogen Mission in 2021, with the goal of becoming a global hub for fuel production and export. Meanwhile, the Mission declares that India plans to enlarge its renewable energy capacity and produce5m tons of green hydrogen by 2030. India’s economy relies heavily on hydrogen, with an annual consumption of roughly 6m tons, primarily for ammonia and methanol production and refineries. Indian Oil Corp owns 11 of India’s 23 refineries, representing a capacity of 659,000 tons of hydrogen per year. It is seeking to increase its production capacity to 866,000 tons per year by 2030. On July 27, 2021, Indian Oil Corp launched a strategic green hydrogen initiative. Shrikant Madhav Vaidya, the refiner’s chairman, said the company’s strategic plan includes expanding into the hydrogen and electric mobility sectors over the next decade, including the construction of India’s first green hydrogen facility.